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Posted 02 February, 2024

Macy's, Inc. appointed new CEO

CEO Change detected for ticker NYSE:M in a 8-K filed on 02 February, 2024.


  On February 2, 2024, Macy's, Inc. ("Macy's" or the "Company") announced that its Board of Directors elected Tony Spring, age 58, Chief Executive Officer and Chairman of the Board-Elect of the Company, effective February 4, 2024, consistent with the leadership succession plan announced in March 2023.  

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Overview of Macy's, Inc.
Retail/Wholesale • Mixed Retailing
Macy's, Inc. engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm's brands include Macy's, Bloomingdale's, and Bluemercury. It offers men's, women's, and children's apparel, women's accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products. The company was founded by Rowland H. Macy in 1858 and is headquartered in New York, NY.
Market Cap
$5.80B
View Company Details
Macy's, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On February 2, 2024, Macy's, Inc. ("Macy's" or the "Company") announced that its Board of Directors elected Tony Spring, age 58, Chief Executive Officer and Chairman of the Board-Elect of the Company, effective February 4, 2024, consistent with the leadership succession plan announced in March 2023. Jeff Gennette, age 62, will retire as Chief Executive Officer of the Company effective February 3, 2024 after 40 years of service and will remain a member and Non-Executive Chairman of the Board through the Company's 2024 annual meeting of shareholders. 


Mr. Spring has served as President and CEO-Elect of Macy's since 2023, Executive Vice President since 2021 and in various roles within the Bloomingdale's organization for 36 years.


In connection with Mr. Spring's election as CEO, the Board of Directors, based on the recommendation of the Compensation and Management Development (CMD) Committee, approved the following compensation arrangements for Mr. Spring:


-Annual base salary of $1,300,000; annual target incentive opportunity of 200% of base salary under the Senior Executive Incentive Compensation Plan; a target annual equity grant with a grant date fair value of $8,500,000 under the 2021 Equity and Incentive Compensation Plan (the "Equity Plan"); and a one-time equity grant with a grant date fair value of $4,000,000 under the Equity Plan, in a combination of time-based restricted stock units (RSUs) and performance-based restricted stock units (PRSUs), weighted 25% and 75%, respectively. The RSUs will vest on the fifth anniversary of the grant date. The PRSUs will vest at the end of the five-year period based on pre-determined performance metrics, goals and targets.


In connection with Mr. Gennette's appointment as Non-Executive Chairman of the Board, the Board of Directors, based on the recommendation of the Nominating and Corporate Governance (NCG) Committee, approved the following compensation arrangements for Mr. Gennette:


-Regular Board cash retainer (currently $90,000), a $160,000 cash payment in lieu of Board equity grant, and a Board Chair cash retainer of $200,000/year, all on an annualized basis pro-rated based on the term of service.